How Long Does it Take to Mine a Single Bitcoin?

How Long Does it Take to Mine a Single Bitcoin?

New BTC coins enter the circulating supply through a process known as crypto mining. The entities participating in mining are called miners. Their primary work is to search for a special code that confirms a particular block of transactions to ensure it contains genuine transactions. These miners are then rewarded with newly mined Bitcoin.

In this article, we will explain the time it takes for one Bitcoin to be mined. Stay tuned.

Diving Deeper Into Bitcoin Mining

Bitcoin mining is basically the process of verifying transactions on the Bitcoin network. Miners own mining rigs that compete against each other to find the special code (hash) we mentioned earlier.

The duration of finding the correct hash varies depending on factors like mining difficulty, which adjusts every 2,015 blocks. The mining difficulty lowers or rises depending on the number of available Bitcoin miners. The more miners, the higher the mining difficulty, and the vice-versa is true.

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In most cases, Bitcoin miners verify a new block of transactions within ten minutes. Once a new block is mined, the Bitcoin blockchain automatically releases a specific amount of BTC to the participating miners. The Bitcoin given to the miners is known as a block reward. As of May 2024, miners received 3.125 BTC per block. Before April 20th, 2024, when Bitcoin halving occurred, miners earned 6.25 BTC per block. The halving event, which Bitcoin’s founder Satoshi Nakamoto programmed, happens every four years and is intended to maintain BTC’s value by creating digital scarcity, achieved through slowing the rate at which new BTC coins enter the circulating supply.

What is the Duration Needed to Mine One Bitcoin?

As stated, it takes miners approximately ten minutes to mine 3.125 BTC. Considering the massive computing power required to mine a single block, it is nearly impossible for one Bitcoin miner to get all 3.125 BTC.

So, how long does it take for a single miner to mine one Bitcoin? Well, that depends on the power generated by the miner’s mining rig. A mining rig producing a higher hash rate than others is likely to find the specific code quicker than other rigs, thus earning more BTC per block.

For one miner to contribute a significant hash rate to mine a block, their mining rig must contain hundreds of mining hardware, which is usually expensive for most solo miners, and that’s why they join mining pools.

Simply put, a mining pool comprises a group of Bitcoin miners who contribute their computing power as one entity to increase their chances of finding the special hash quickly. The mining pools distribute block rewards to miners in three ways:

1. Proportional

In this case, miners receive a block reward based on their hash rate contribution to the mining pool.

2. Pay per Last N Groups

Here, block rewards are distributed to miners based on the time period they contribute their computing power to the pool.

3. Pay-per-Share

Mining pools that adopt the pay-per-share model distribute fixed rewards to miners, who are expected to contribute a specific amount of computing power every day.

How Difficult is Solo Mining?

Solo mining involves a single Bitcoin miner battling it out with other miners globally to mine a block. As mentioned, it is challenging for one miner to produce enough hash rate to mine one block of transactions.

However, in the early days of Bitcoin, when mining difficulty levels were considerably low due to the unavailability of miners, it was easy for solo miners to confirm blocks of transactions and receive rewards.

Today, for solo miners to be profitable, they must join mining pools or rent out their computing power on cloud mining platforms.

Is it Possible to Mine BTC Without Investment?

No! Even if you subscribe to a cloud mining service, you must pay a specific amount to earn BTC. If you want to join a mining pool to earn block rewards, you need a mining rig of at least six machines, which could cost you roughly $1,500.

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Michael Varney
About Author

Michael Varney

Michael Varney, a distinguished name in crypto journalism, offers deep insights into the world of blockchain. Merging meticulous research with eloquent prose, Michael's articles decode the complexities of digital currencies, establishing him as an indispensable source for those keen on understanding the evolving crypto landscape.

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